According to US Census Bureau data, individual owners possess the majority of rental properties in the US (70.2%). As you join the ranks of other accidental landlords in Layton, UT, you may feel uncertain about navigating the industry. Before you make a costly mistake, apply our beginner landlord advice.
These Layton rental property tips can give you a competitive advantage in today's saturated market. You can attract and retain renters, boost your occupancy rate, and increase your profitability. Apply these rental income optimization tips today!
Research Landlord Rights in Utah
Before marketing your newly acquired rental property, research landlord rights in Utah. State landlord-tenant laws cover:
- Required landlord disclosures
- Landlord rights to access properties
- Security deposit limits and returns
- Rental rules
- Terminations and evictions
- Rights to repair and deduct
- Tenant protections against retaliation
Review federal laws and regulations, including landlord responsibilities regarding environmental health hazards and discrimination. For help navigating local, state, and federal laws, consult a property management company. Their local expertise can help you remain compliant before you face legal consequences like lawsuits or fines.
Invest in Digital Marketing
Develop a property marketing strategy to gain more visibility. Otherwise, potential renters may not realize your investment property is available. An effective digital marketing strategy can include:
- Content marketing
- Search engine optimization
- Paid advertising
- Listing optimization
- Email marketing
- Social media marketing
When optimizing your property listings, use location-specific language. Using these terms will help you appear for online searches.
Use high-quality photos, videos, and virtual tours to encourage renters to fall in love with the property. Share this content on social media to generate more visibility.
Screen Applicants
Once you begin generating applications, develop a tenant screening process. Consider each applicant's:
- Rental history
- Eviction history
- Credit score
- Criminal background
- References
This information will help you find renters you can trust. Otherwise, you may select someone who will pay rent late or damage the property.
You can outsource this task to a property management company. Rely on their professional resources to find and retain great renters. Developing a tenant retention strategy will boost your occupancy rate and ROI.
Layton Rental Property Tips
Maintain your rental property to avoid costly repairs. Make sure to schedule regular inspections and preventative maintenance.
Allow renters to submit maintenance requests online using a tenant portal. This will ensure you remain organized and efficient. Your property managers can handle this task to maintain your beautiful property, saving you time and money.
Request Pro Property Management Strategies
Navigating a saturated real estate market alone can feel daunting. Instead, rely on professional property management strategies.
Outsource to a full-service property management company. You can leverage their years of local experience to avoid making costly mistakes. They'll boost your ROI with their rental optimization strategies.
Exceed Accidental Landlords in Layton
Competing with other accidental landlords in Layton can feel daunting. Instead, rely on professional property management strategies. Our experts at PMI Home Team can grant you a competitive advantage in today's market.
Trust our commitment to adding value to your investments through communication, honesty, and accurate accounting. We provide real-time access to how your properties perform using state-of-the-art software. Contact us now for a free rental analysis.
